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Home Loan Refinance Calculator

Compare your home loan with a new rate, including fees, break costs and cashback, and see what refinancing would save.

$
%
%
$

Discharge, application and settlement fees

Years

More options· New loan length and cashback

Years to pay it off

$

From the new lender

Switching saves you

$28,919

Over 5 years, after $1,000 of costs

New monthly payment
$3,939 (now $4,318)
Costs earned back
After 2 months

What this means

The interest you save covers the $1,000 of costs after 2 months. That’s within the 5 years you’d keep the new deal.

Next step

Stay or switch, over 5 years

StaySwitch
Monthly payment$4,318$3,939
Interest$207,415$177,496
Costs, less cashback$0$1,000
Interest and costs$207,415$178,496
Still owed after 5 years$548,363$541,127

Before you switch

  • Ask your current lender to match the new rate first: many will, and you save the switching costs.
  • Breaking a fixed-rate loan early can mean break costs. Variable loans usually have none.
Assumptions in this estimate
  • Both rates stay the same for the whole period. The saving counts interest and costs only: paying the loan off faster isn’t a cost, as that money becomes your home equity.
  • Interest is worked out monthly.
Spotted a mistake? Tell us

How the calculator works

  1. Your loan now: what you owe, the years left and your rate.
  2. The new loan: its rate, fees and break costs, and how many years to compare over.
  3. Result: what you’d save in interest after costs, your new repayment, and when the costs are earned back.

Example

$600,000 left over 25 years, refinancing from 7.2% to 6.2% with $1,000 of fees:

Stay Refinance
Monthly repayment $4,318 $3,939
Interest over 5 years $207,415 $177,496
Fees $0 $1,000
Saving after fees $28,919

The fees are earned back within 2 months.

Before you switch

  • Check the comparison rate: it includes most fees, so it’s a fairer way to compare loans.
  • Keep your repayments the same after refinancing to pay the loan off sooner.
  • Look at features too: an offset account can save more interest than a slightly lower rate.

Last updated

Frequently asked questions

When is refinancing worth it?

When the interest you save covers the fees. On $600,000 at 7.2%, refinancing to 6.2% with $1,000 of fees saves about $29,000 over 5 years, and the fees are earned back within 2 months.

What fees are there to refinance?

Usually a discharge fee from your current lender, government fees to register the new mortgage, and sometimes application or settlement fees. Breaking a fixed-rate loan early can also mean break costs.

Should I just ask my lender for a better rate?

Yes, try that first. Many lenders lower the rate for existing customers who ask, and you save the costs of switching. If they won’t, use the new lender’s offer to compare.

Is cashback worth it?

Cashback can cover the costs of switching, but the rate matters more over time. Enter it in the calculator to compare loans fairly.